New Earth Solutions

Financial Position

New Earth Solutions Limited was founded on 6 February 2002 and from this time until 31 January 2005 it did not trade. This time was spent in jointly developing the New Earth technology with its sister company WH White plc.

Having completed the formative stage of the business, New Earth Solutions has now been capitalised to exploit the opportunities that this development has generated.

Adrian Jones - Financial Director

On 16 September 2005 Bill Riddle (Chairman of WH White plc and Managing Director of New Earth Solutions Limited) injected £1.7m of equity into the company and this has subsequently been followed by a further equity injection by another private investor of £2.0m. A Rights Issue was carried out in July 2006, which raised an additional £1.0m. Consequently the business has a capital base of £4.7m.

The company has also secured project financing debt facilities from Nord LB following a competition to raise senior debt from a number of banks. RBS, Barclays and Nord LB all offered debt of £50m on similar terms, Nord were selected given their experience in financing similar waste facilities in the UK and throughout Europe. The facilities are available to draw down against Local Authority contracts and will support the roll out of up to ten 50,000 tpa facilities across the UK.